cmdty Insider - White Sugar #5 Market Commentary

by cmdtyNewswires - Wed Nov 21, 2:37PM CST March NY world sugar #11 (SBH19) on Wednesday closed up +0.22 (+1.77%) and March ICE London white sugar (SWH19) closed up +4.20 (+1.24%). Sugar prices on Wednesday gained on a weaker dollar and higher crude prices. Sugar prices on Tuesday fell to a 1-1/2 month low after crude oil prices sank to a 1-year low, which undercut ethanol prices and may prompt Brazil's sugar mills to divert more cane to making sugar instead of ethanol, thus boosting sugar supplies. Sugar prices also found support Wednesday on USDA estimates for smaller global output. The USDA's FAS lowered its global 2018/19 sugar production to 185.9 MMT from a May projection of 188.3 MMT, down -4.5% y/y. Gains were limited, though, as the USDA also projected that global 2018/19 sugar ending stocks will climb +2.7% y/y to a record 52.9 MMT as "massive" stock building in India outweighed lower ending stocks in China and the EU.

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